CFP candidates aren’t going to be happy

CFP candidates aren’t going to be happy

The results are in from November’s sitting of the CFP exams. Some will be happier than others.

A total of 868 people in 55 testing centres sat for two exams in November as part of the CFP’s designation process. There were 501 FPSC Level 1 candidates and 367 CFP candidates.

The pass rate for the FPSC Level 1 exam, the first of two required exams, came in at 78 percent for first-timers and 45 percent for those reattempting the exam.

For the second exam, the CFP, the pass rate was a more modest 70 percent with 79 percent of first-timers passing and 53 percent for those reattempting the second and final exam.

While many first-timers are going to be happy with the results, there’s got to be a lot of disappointed people who were reattempting an exam. The FPSC doesn’t state how many of those reattempting were doing so for a second time or more. They’ve got to be especially discouraged.

The six-hour CFP exam is difficult no doubt. As CEO Cary List says: “It’s not easy to obtain CFP certification – nor should it be. The rigour required to qualify as a CFP professional is one of the things that sets the CFP designation apart as the gold standard in financial planning.”